Small businesses employ nearly half of the American workforce and represent 43.5% of America’s GDP, according to the U.S. Chamber of Commerce. (Credit: supamotion/Adobe Stock)
The Trump Administration’s hunt for government fraud and waste arrived at the doorstep of the Small Business Administration (SBA) recently when the agency announced plans to overhaul its Community Advantage Small Business Lending Company program, also known as the 7(a) loan program.
Launched in 2011, the program aimed to expand credit access to underserved communities. Borrowers must exhibit credit worthiness, cash flow and business smarts. Loan amounts cap out at $350,000.
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Elana Ashanti Jefferson
Editor-in-Chief Elana Ashanti Jefferson is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
